The Resilient Retail Game Plan - retail insights, retail trends and best practices

Today we are celebrating the one-year anniversary of ‘Tame Your Tiger'. I just take a moment to reflect back on the last year and talk a little bit about what it's meant to me and to the business, to have this book out there into the world. I am also excited to announce my upcoming free online summit ‘Retail ROAR’ from February 29 to March 1, featuring an impressive lineup of speakers from the retail industry.

[00:00] Introduction and Welcome

[00:18] Announcement of the Retail Roar Summit

[01:51] Reflecting on the One-Year Anniversary of 'Tame Your Tiger'

[03:12] Surprising Benefits from Publishing the Book

[05:39] Understanding the Premise of 'Tame Your Tiger'

[08:57] The Importance of Stock Management

[12:51] The Role of Break-even Analysis in Business

[15:06] The Impact of 'Tame Your Tiger' on Business Owners

[19:46] Conclusion and Invitation to the Retail Roar Summit

Episode Links:

Get Your Free Sear to Retal Roar - The UK's most inspiring FREE retail online summit.

Get a copy of Tame Your Tiger or Leave a Review

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In this episode, I got to sit down with Resilient Retail Club member Ruth Sturdy, the founder of Color Chronicles. 

Ruth shared her journey after looking for a book that would not only allow her to record memories of her daughter but would bring her daughter into the process as well. When one couldn’t be found, Ruth decided to create it which led to her founding her own business and developing their bestselling product, 'The Book of You'. 

As her business grew, she found the freedom to start working on the business (instead of in the business) when she partnered with a fulfillment center. She also realized that it was important to outsource tasks that were not her strengths. Interestingly enough she has been able to demonstrate that you can grow your business and not need a large team! 

We talk about the constant need for resilience in managing a small business, handling various challenges and finding solutions. And we talk about how important it is to be able to lean on other business owners in a setting like the Resilient Retail Club. 

[01:35] Welcome Ruth Sturdy, Founder of Colour Chronicles! 

[07:34] In the digital age. how important does Ruth believe it is to have something physically written down?

[08:52] What was Ruth's background before she started the business?

[10:19] How has Ruth's business evolved?

[11:36] What was the moment that Ruth realized she needed to stop doing everything herself?

[12:35] How many fulfillment centers did Ruth look at before finding "the one"?

[13:12] Was fulfillment the key to allowing Ruth to grow the business without having a big team?

[15:26] How did Ruth know it was time to invest in outside help?

[17:16] Why Ruth believes it's important to connect with people in the Club and Mastermind to grow your business

[18:1]6 What is the best gift that you could give someone who is just starting their business?

[21:35] What's next for Colour Chronicles?

[22:16] How to connect with Colour Chronicles

Connect with Colour Chronicles

Website: https://www.colourchronicles.com/

Instagram: https://www.instagram.com/colour.chronicles/

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Do you have a sales plan for 2024?

If not, do you know what is holding you back from having a sales goal? 

For some, they don't really grasp the importance of having one. They're not familiar with the importance and transformational nature of having a sales goal. And so they don't make the time for it.

But if you want your business to be more profitable, if you want to have better cash flow, if you want to pay yourself more from your business and if you want to be able to manage your stock effectively so that it's not just eating up all of the spare cash in your business and leaving none for you, then you need a sales goal.

That is crucial and that is very hard to do any of those things without your sales goal. So you need to take the time to set it. 

What I wanted to talk to you about today is planning your sales and specifically, we will talk about what is the sales plan, why you need one, and what some of the common reasons you might be holding back from creating one.

If you want help setting your sales plan for 2024 I invite you to join my five-day challenge within the Resilient Retail Club. We start the first week in February.

If you'd like to join us and you're not a member, head over to resilientretailclub.com and you can get your first month for half price, which means that you get to join the challenge for just 19 pounds. 

Let’s dive in:

[0:00] How to effectively plan your 2024 Retail Sales Plan

[01:50] What is a sales plan? How detailed does it need to be?

[04:25] Why do you need to have a sales goal? 

[06:50] What might hold you back from having a sales goal?

Join my 5-day Sales Plan Challenge inside of my Membership group (join us today for half off your first month) https://www.resilientretailclub.com/membership/

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Do you ever find yourself looking at another business and thinking “I wish that my business was like that!” or “I want my business to be like XYZ.” or even “I just wish I could get to this point with my business and then everything will be fine.”

You've probably seen on social media retail businesses that've got piles of mailing bags, or maybe they've been established for a long time, or they've had some fabulous collaborations. They are the business owners that are looked up to and envied. 

We can have a business that looks fabulous. You've got all these orders coming in. Your team is expanding. You're moving to a larger premises. And from an external perspective, if you're a business looking up at them, it may feel like, wow, they've really got this all sorted out.

But what you may find is that these businesses that look like they're feeling fantastic, really don't feel fantastic at all to the business owner. And that is what this episode is all about, exploring this concept of what it takes to make a business feel good.

Let’s dive in:

[00:00] What it means to create a business that feels good (not just looks good)

[05:35] Focus on your bottom line

[11:49] Having a strategy and plan to get you away from being reactive and be more proactive

[16:50] You control your business not the other way around

[19:39] How do you know if you're chasing something that looks good versus something that feels good?

[21:18] Focus on the fundamentals of your business before you get distracted by shiny objects

[25:01] My recipe for a business that doesn't just look good, but also feels good.

Get all of the details on our website at: https://www.resilientretailclub.com/podcast-episode/181-how-to-create-a-business-that-feels-good-not-just-looks-good/

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I know that for a lot of people, you're coming off a high from the fourth quarter. And I know it can feel like quite a slap in the face when you go from the biggest months of the year in November and December and then you get into January and it can feel like it's all dropped off a cliff.

So first if this is one of your first Christmases or if you know this about your business, I want to remind you that you're not alone. 

And secondly, just be aware that there are still reasons people will buy from you in January. And I will share 10 (with a bonus) on today’s episode!

[03:58] Reason #1 - January Sales!

[08:19] Reason #2 - Redeem Holiday Gift Cards

[09:20] Reason #3 - Something New!

[12:26] Reason #4 - Limited Editions or Exclusive Collections

[12:59] Reason #5 - Get Organized

[14:40] Reason #6 - Veganuary / Dry January

[16:14] Reason #7- Health, Well-Being and Fitness

[17:43] Reason #8 - Holidays 

[19:39] Reason #9 - Cold Weather / Being Cozy

[21:04] Reason #10- Wedding Planning and Prep

[22:15] Bonus Idea! Customer Loyalty 

[23:03] Recap - 10 reasons why people will buy from you in the month of January

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Last summer I launched a mastermind for product-based business owners and it has hands down been the most exciting that I’ve done in my business.  

The people in the mastermind have businesses of various sizes. Some are very large, and very well established. Some are earlier on in their journey or at different stages. But the thing that unites every single one of those product business owners is their ambition and their commitment to their business.

And they have taught me a huge amount about what it means to be a successful driven product business owner in 2024. And on today’s episode, I want to share with you the 7 lessons that they have taught me!

[00:00] 7 Lessons I Learned from My Mastermind Members

[03:52] Lesson 1: Decision fatigue is real. Get support making decisions in your business!

[06:02] Lesson 2: Leverage Big Bussiness Tools to be More Successful

[09:00] Lesson 3: Working with a Mindset Coach is so Impactful to Your Business

[11:54] Lesson 4: It helps to talk with other people who understand what you are going through

[14:50] Lesson 5: Pre-planning your year is the best way to beat overwhelm in your busy season

[17:08] Lesson 6: Spreadsheets can be habit-forming and are the key to your happiness as a retail business owner

[19:52] Lesson 7: There is no magic formula. But if you make quick decisions, take action, see the results, and try new things you will see change.

[24:34] The mastermind is open! Learn more!

The next Cohort of the Mastermind Starts January 22nd

Learn more and book your exploratory call here: https://www.resilientretailclub.com/retail-business-mentoring/

Book a call: https://calendly.com/resilientretail/product-business-mastermind-discovery-call?month=2024-01

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Do you want to scale your business? In other words, do you want to grow it further than where it is now? Or maybe you're in the process of growing it and you want to feel more comfortable and proactive with what's happening to you and to your business. 

So what I wanted to dig into today, is to help you understand that if you're in this process of growing your business there are five key questions that you need to ask yourself to make sure that you're going in the right direction. 

[00:00] What does it mean to scale your business?

[04:40] Question 1: Are you built on firm foundations?

[06:29] Question 2: Who are you trying to reach?

[09:58] Question 3: What makes you special? What is your unique selling proposition or USP? 

[11:58] Question 4: Do you have the systems? Are you ready to grow?  How much of your business lives in your head?

[16:26] Question 5: Are you prepared for the fact that there will be challenges along the way?

Get Access to My Upcoming Session:

Go from six-figure years to six-figure months. https://futureretail.lpages.co/from-six-figure-years-to-six-figure-months/

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In this episode, we will discuss four key retail trends for 2024: sustainability and green fatigue, the rise of artificial intelligence, social commerce, and personalized communication.  As a retailer, you need to embrace these trends and be proactive so you can ensure that your business continues to grow and continues to thrive in the coming year.

[0:00] What trends will be reshaping the retail industry in 2024

[01:49] Why it's so important for product business owners to have an idea of what's going on in their industry

[11:18] How did I come up with these trends?

[11:59] What has been happening in the retail industry

[12:58] Trend 1: Sustainability, navigating green fatigue

[15:46] Trend 2: The rise of artificial intelligence

[19:24] Trend 3: Social Commerce

[25:12] Trend 4: Personalized Communication

Read the full report 4 Biggest Retail Trends for 2024

Don’t forget - use the code: 10podcast to get £10 off your first month when joining The Resilient Retail Club. 

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In episode 176 of the Resilient Retail Game Plan, host Catherine Erdly, founder of the Resilient Retail Club, engages in an insightful discussion with Lindsay Schneider, founder of the self-tanning brand, Get Into the Limelight. 

We discuss the trials and triumphs of building a brand, focusing on Lindsay's experience in product sourcing, the process of creating a quality self-tanner, and the marketing strategies that worked best for her. Lindsay emphasizes the importance of influencer marketing, discussing strategies for selecting influencers that have a genuine love for the product and authenticity in their promotion. She also talks about the importance of taking calculated risks in business growth, detailing how outsourcing helped her business operations grow. 

Lindsay's story provides key insights into running a successful product business and using influencer marketing effectively.

[00:00] Welcome Linday Schneider

[01:58] Lindsay Schneider Business Backstory

[04:49] When Linsday picked the wrong product she discovered she needed to make a shift in her business

[06:54] Lindsay talks about the process of developing a skin care product. [09:22] Did Lindsay need to shift how she marketed her product after shifting her business?

[10:21] Navigating the changes in influencer marketing

[11:38] What has been the biggest change that propelled her business forward?

[13:41] How do you know when you’re ready to hand off control in your business?

[17:13] What advice does Linsay have for choosing influencer partnerships?

[25:27] What's coming for Lindsay in 2024?

[26:34] Learn More about Lindsay

Get all of the resources here: https://www.resilientretailclub.com/podcast-episode/power-of-influencer-marketing-in-retail-with-lindsay-schneider/

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In this episode of the Resilient Retail Game Plan, we are discussing the art and skill of negotiation in the retail business with Simon Duncan. We delve into why negotiation is a crucial skill for business owners, how to determine what the other party wants in a negotiation and the importance of planning before entering a negotiation situation. 

The discussion emphasizes the significance of understanding what you are trying to achieve, knowing the current facts of the business relationship, being aware of the balance of power, and getting into your counterpart's mindset. Throughout the conversation, we use practical examples to illustrate how these negotiation tactics have been successfully applied in real-life scenarios.

There is a lot to take away from this conversation - always remember that if you don’t ask you won’t get!

This is a fascinating interview. Tune in to learn:

[0:00] Welcome Simon Duncan!

[03:44] Why is negotiation such an important skill for retail business owners to have?

[05:50] What are some of the key areas that retail owners don't negotiate (and should!)? And where would negotiating help help the bottom line the most?

[09:19] What are some of the key steps that owners should take before entering into a negotiation situation?

[14:41] What can be negotiated?

[23:47] How do you figure out what people want before you negotiate with them?

[27:01] These are the key skills needed to negotiate 

[28:36] Can negotiating strengthen your relationships?

[29:52]Find out more about Simon Duncan

Connect with Simon Duncan

Linkedin: https://www.linkedin.com/in/simon-duncan-9b491311

Get 10 pounds off your first month of Resilient Retail Club using code 10podcast. 

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